On February 2nd, 2023, Bankman-Fried was found guilty of 7 counts of fraud for his role in the collapse of the FTX cryptocurrency exchange. His sentencing is scheduled for March 28, 2024, with a maximum possible sentence of 115 years in prison.
In an interview with Forkast, Siu stated that Bankman-Fried’s conviction “brings final closure to a very dark chapter in our industry” and definitively revealed him as “simply a fraud.”
According to Siu, the fraud was solely the responsibility of Bankman-Fried as an individual and was not indicative of issues with cryptocurrency technology itself. He positioned the conviction as the latest evolution for the industry following other major downfalls like the Three Arrows Capital hedge fund bankruptcy and May 2022’s Terra-Luna crash.
“For us as an industry, I think we’re cheering it on and we’re really glad that we can hopefully not talk too much about [Bankman-Fried] in the future,” Siu remarked.
The Animoca Brands chairman voiced optimism that Bankman-Fried’s sentencing will enable the cryptocurrency space to fully move on from the FTX debacle. While the exchange’s sudden collapse eroded trust, Siu implied that the definitive legal outcome and punishment of Bankman-Fried could begin restoring credibility.
With Bankman-Fried conclusively exposed as the perpetrator of fraud rather than any issues with cryptocurrencies themselves, industry leaders like Siu are hopeful his conviction represents a line in the sand. As the cryptocurrency industry continues innovating with emerging technologies, Bankman-Fried’s sentencing may close the door on past failures and provide a clearer path forward.
